Faculty Spotlight

Longtime Economics Professor A Rare Breed

If you tell Associate Professor of Economics Bill Barnett, B'67, L'82, you want to interview him, he'll say, "Why me? There are plenty of people more interesting than me on campus." Despite having earned his doctorate in economics, and his juris doctor, Barnett has remained modest. "True humility is to recognize yourself for what worth you have but not exaggerating one way or the other," he recalls from one of his undergraduate classes. In any event, Barnett is a unique and valuable presence on Loyola's campus.

A faculty member since 1974, Barnett has taught many students over the years, and most likely some of their children. His current research interests are Austrian economics (a school of economic thought), monetary theory, and business cycle theory. He describes monetary theory as "the theory of what money is and how it comes about," and business cycle theory as "the nature and causes of booms and busts." Given our current economy, his research is highly relevant. These ideas are things "every citizen should know something about," Barnett says. Clearly, for Barnett, learning and knowledge are crucial aspects of life.

In 1982, Barnett expressed this commitment, earning his law degree from the School of Law while still working as a professor. While most seek higher degrees for financial gain, Barnett sought his for fun. However, even Barnett's hobbies find their way into his work. "In the economic world, people live in a world of institutionsÑ institutions of language, property, and money. One of the most important institutions is law," he observes. In his classes in law and economics, Barnett has sought to demonstrate for his students the ways law and economics influence each other.

"The reason I came to Loyola to teach was because I got such a great education as an undergraduate," Barnett says. His nearly 30 years of service attest that something has made him stay. "There is a real sense of community. I can get help with anything I need," he declares. His favorite part of the job is the students. "Teaching is a sheer joy. I make sure I normally teach five days a week. I look forward to each day because it's fun. I get to spend my time in a field that excites me."

Over the years, Loyola has become an important part of life for Barnett and his family. His wife, Helen, G'95, works in the law school; their three children graduated with bachelor's degrees from Loyola and "most of their friends are Loyola alumni," Barnett notes. "Someone once said that Loyola's like the family business for us. We don't own it, but we've been involved in it for a very long time. They'll have to drag me out of here feet first," Barnett muses.

—Joe Hughes, A'03

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